Pershing Square Holdings Ltd., the publicly traded security of Bill Ackman’s activist hedge fund, is selling part of its stake in health-care company Zoetis Inc., according to people familiar with the matter.

Pershing Square offered shares in the company for sale Monday, the people said, asking not to be identified as the matter is private. Credit Suisse Group AG and Bank of America Corp. managed the sale, the people said.

A block trade of 16.9 million Zoetis shares was offered Monday at $46.75 to $47.00 a share, a separate person familiar with the process said. Zoetis fell as much as 3 percent in after-market trading. At the top end of the price range, the stake would be valued at about $794 million.

Representatives for Pershing Square and Bank of America declined to comment. A spokesman for Zoetis said the company does not comment on speculation or market activity. Officials at Credit Suisse didn’t immediately respond to requests for comment.

The sale was reported earlier by the New York Times.

Pershing Square executive disclosed last month that it would not ask Zoetis to re-appoint William Doyle as a director and that his term would expire at the company’s annual shareholder meeting on May 12. Doyle is a member of Pershing Square’s investment team.

Ackman took an 8.5 percent stake in the Florham Park, New Jersey-based company in 2014, saying Zoetis could cut costs to boost profits. The company settled with the activist, agreeing to add Doyle and Actavis Plc Chairman Paul Bisaro to its board.

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